OneWater posts decrease in Q3

OneWater Marine Inc. recently announced results for its fiscal third quarter ended June 30, 2024. Overall, OneWater reported a roughly 9% decrease in revenue, to $542 million.
“In the third quarter, our strategic inventory management and operational execution drove outperformance against the industry. However, our performance for the quarter was below our expectations due to a progressively weaker market environment and a negative impact from weather in Texas,” commented Austin Singleton, Chief Executive Officer at OneWater. “As we look to the balance of the fiscal year, we remain cautiously optimistic. We are focused on proactively managing inventory and expenses, which should provide some tailwinds as we navigate into fiscal 2025.”
Total revenue for fiscal third quarter 2024 was $542.4 million, a decrease of 8.7% compared to $594.3 million in fiscal third quarter 2023. Same-store sales decreased 8%. New boat revenue decreased 10.4% and pre-owned boat revenue decreased 4.1%, which OneWater said was driven by a decrease in units sold and average price per new unit. Excluding Texas locations, which the company said were impacted by adverse weather, same-store unit sales were only down 1.9% for the fiscal third quarter.
The full Q3 2024 results can be found on the OneWater investor webpage.